Posted December 23, 2017
Our client has a 2012 Maserati Quattroporte and struck another car in the road and damaged the front-end. The OEM Certified Collision Facility our client chose to restore his car back to its Pre-Wreck OEM Condition issued a repair estimate for $22,686.84. Progressive elected to Total the Maserati. Our client wanted his Maserati returned back to its OEM Pre-Wreck Condition.
Our client has Progressive Insurance. Progressive Insurance elected to deem our client’s Maserati a Total Loss. Progressive employed Mitchell to issue a Market Valuation Report on the 2012 Maserati Quattroporte. Mitchell arrived at a Market Value replacement on the Maserati for $41,158.21.
The Damage to Loss Ratio at the Mitchell Adjusted Vehicle Value ($22,686.84 / $41,158.21 = 55%) was 55%. Texas Transportation Department sets the Total Loss Threshold as 100% of the Actual Cash Value. Meaning if the repair cost minus the paint cost, and sales tax is less than the Actual Cash Value, said vehicle is eligible to be repaired.
We were able to renegotiate the Actual Cash Value on the 2012 Maserati Quattroporte to $46,315.00.
Our client employed us to issue a damage loss module, explain to Progressive the
Texas Total Loss Threshold code, and negotiate with Progressive to repair his car.
Our Clients Maserati was subsequently repaired to its OEM Pre-Wreck Condition for $22,686.84.